Friday, July 6, 2007

Hank Paulson Nomination

Originally Posted on 6/4/06

I have to say that I was shocked and irritated by the recent announcement that Henry Pauslon (4th quarter, 2005, RVLQ selection), former CEO of the Goldman Sachs Group, was nominated as Secretary of the Treasury by our fearless leader, President Bush.

This bothers me for several reasons. First, it bothers me that a man as talented as Paulson would even consider such a role let alone accept the offer. He was doing phenomenally well at GS and it's a shame to see him go. Second, if Bush wanted to make any realistic changes in our trade deficit or other lagging economic categories, why wait so long to do it? He only has 3 years left on his term, which means Paulson only has that time to make some positive change. Christ, it's going to take him at least a year to get settled in and understand our fragmented economic landscape. Not to mention the position, historically, never offered any meaningful clout. I know...Paulson should be getting this clout but will it really make a difference? I really hope it does but the odds are against it with such an incompetent administration at the helm.

Paulson: It's saddens me to see you leave GS and associate yourself with this caliber of buffoonery. It may seem like a noble move to you now but I'm afraid you'll ultimately regret it. Didn't you see Stephen Colbert's presidential roast at the White House Correspondents' Dinner? Yes. It was a political satire but you'd could of extracted some gems of wisdom if your really listened.

Here's a quote that reminds me of your situation:
"So, the White House has personnel changes. And then you write, "Oh, they're just rearranging the deck chairs on the Titanic." First of all, that is a terrible metaphor. This administration is not sinking. This administration is soaring! If anything, they are rearranging the deck chairs on the Hindenburg!"

In other words...Stay away from this administration as it will continue to stunt fiscal / moral responsibility and undoubtedly tarnish your name along the way.

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